Kistron, a wire manufacturing corporation under KISWIRE Group, which is pursuing a listing on the KOSDAQ, raised over 6 trillion won in its public offering. Kistron, set to be listed on the 2nd of next month, has a market capitalization of 64.3 billion won based on its offering price.
According to the investment banking (IB) industry on the 23rd, Kistron conducted a public offering from the 22nd to this day, with the final competition rate recorded at 2,166 to 1. The lead manager is Shinhan Investment Corp. The number of subscription cases reached 191,049, with about 6.14 trillion won raised as a subscription deposit, which is half of the subscription amount.
Kistron also saw high demand during the institutional investor demand forecasting held from the 12th to the 16th, setting its offering price at the upper end of the desired range (3,100 to 3,600 won) at 3,600 won. A total of 2,311 institutions participated in the demand forecasting, with 2,307 institutions quoting prices above 3,600 won per share. The competition rate was recorded at 1,140.95 to 1.
Kistron was established in 1992 as a subsidiary of KISWIRE Group. Its core product is lead wire, made of copper-plated steel wire, capturing about 18% of the global market. Last year, its sales increased by 23% year-on-year to 69 billion won, and the operating profit was 5.9 billion won. The net profit for the period was 8.8 billion won, a 267% increase from the previous year.
The company is scheduled to be listed on the KOSDAQ on the 2nd of next month. After listing, its expected market capitalization is 64.2 billion won. The funds raised through the public offering, approximately 22.6 billion won, will be used to expand production capacity necessary for the manufacturing of high-purity aluminum and alloy products and for research and development for new businesses.